214-890-6700

Carolyn Milburn,

President

[email protected]

www.milburnpartners.com

Milburn Partners, Inc.

• Our firm was founded in 2001 with offices in Dallas and Houston • Clients span from the Mid-Atlantic to California, with a focus on Revenue Cycle, Finance and Accounting, exclusively in healthcare • We feel our Client and Candidate network is both broad and deep • Over half of our current searches require candidates that have experience in Revenue Cycle • In 2013, for example, we successfully completed 5 Vice President of Revenue Cycle searches, in DFW alone, all in a 4 week span

Collection Agency Appointment Scheduling Patient Registration A/R Follow-Up 2 nd Claims/ Patient Billing Resubmission & Appeals What is Revenue Cycle?

The Healthcare Financial Management Association (HFMA) defines revenue cycle as "All administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue."

Patient Exam Service Coding Charge Entry Payment Processing Claims Submission

CAREER PATH IN REVENUE CYCLE

Business Degree HIM Degree/RHIT RN Degree Accounting Degree Bachelor’s of Science Finance Degree Clinical Analyst Financial Analyst BOD Mgr. Rev Cycle Rev Accountant Access Services Director Sr. Director Vice President C-Level

Revenue Cycle Management

The Key Stakeholders Include: VP Revenue Cycle VP Managed Care/Contracting Director of Patient Access/Registration Director of Professional Billing Director of Revenue Cycle Director of Business Office Director of Patient Financial Services Manager of Revenue Cycle Revenue Cycle Analyst Practice Administrator/Office Manager Revenue Cycle Consultants

Survey of hospital executives indicates that revenue integrity is the most important component of the financial health of their organizations.

  57 hospital executives polled, 34 were C level 1/3 affiliated with large hospitals and healthcare systems, remainder split between critical access, community and medium-sized facilities  Among the most important financial priorities: Receiving proper reimbursement from private payers    Complexity of reimbursement policies from government payers Ensuring optimal reimbursements for pharmaceuticals and medical supplies 1/2 of executives added additional staff to address revenue integrity issues  1/4 established separate revenue integrity departments

National Salary Data

Supervisor/Manager/Director Patient Financial Services Education Associate's degree Bachelor's degree Master's degree Percentage 29% 37% 28% Title Supervisor Manager Director Percentage 5% 28% 67% www.hfma.org

Compensation $83,400 $109,800 $116,100 Compensation small sample $72,200 $117,300

National Salary Data

VP Revenue Cycle Education Percentage Compensation Bachelor's degree 32% Master's degree Region Northeast South Midwest West Organization 58% Hospital with 521 beds or less $237,700 $247,400 Percentage 17% 35% 31% 16% Hospital with 559 beds or greater System level, headquarters or regional Compensation $276,300 $215,700 $229,600 small sample Percentage 18% 18% 62% Compensation $196,600 $268,100 $253,100

National Salary Data

Supervisor/Manager/Director Patient Access Education Associate's degree Bachelor's degree Master's degree Percentage 29% 31% 32% Title Supervisor Manager Director Percentage 6% 34% 59% www.hfma.org

Compensation $76,700 $100,200 $102,800 Compensation small sample $73,800 $108,700

Typical Salary for Revenue Cycle Leaders

Practice Administrator/Office Manager Revenue Cycle Analyst Manager of Revenue Cycle Director of Revenue Cycle Director of Professional Billing Director of Patient Access/Registration Director of Patient Financial Services Director of Business Office Revenue Cycle Consultants VP Managed Care/Contracting VP Revenue Cycle 0 75 000 75 000 90 000 95 000 95 000 100 000 120 000 130 000 150 000 160 000 210 000 50 000 100 000 150 000 200 000 250 000 Milburn Partners’ data based on placements from 2012-Present

REVENUE CYCLE MANAGEMENT CODING/BILLING

VP Revenue Cycle VP Coding Director CBO Director PFS Director Managed Care Director Coding Rev Cycle Manager Reimbursement & Insurance Manager CBO Manager Access Manager

OPERATIONS/ MEDICAL RECORDS

Chief Learning Officer Chief Knowledge Officer Director HIM Regional Director HIM Consultant Coding Trainer MPI Manager Meaningful Use Specialist Revenue Cycle Analyst Documentation & Coding Specialist HIM Rev Cycle Auditor Office Administrator Cancer Registrar Health Information Tech Transcriptionist

COMPLIANCE/ RISK MANAGEMENT

Chief Compliance Officer VP Privacy/Security Director Risk Management Compliance Auditor Business Analyst Privacy Officer Compliance Officer Information Security Officer DRG Validator Quality Improvement Analyst Coder Benefits Coordinator Medical Biller Insurance Claims Clerk Billing/Collections Clerk HIM Clerk Patient Care Coordinator Patient Registrar Customer Service

INFORMATICS/ DATA ANALYSIS

Chief Clinical Informatics Officer Director Clinical Informatics Research Development Specialist Project Manager Mapping Specialist Data Integrity Analyst Clinical Informatics Coordinator Content Analyst Clinical Data Analyst

Can you be an effective leader?

• • • • • Can you: Formulate your organization's revenue cycle operations for an uncertain future Use less performance resources and continue Connect financial data with clinical data Improve the overall value delivered to patients and the community Think strategically and plan proactively to advance

Working Towards C Level Status

Major changes in the industry are requiring health systems to rethink and revamp their stratagem. What is required?

 Identify and target patient populations   Achieve clinical integration across the network, and leverage data from anywhere and everywhere Actionable insight into the financial performance of the group and the health of the patient population    Visibility across networks that can be influenced and acted upon at the initial point of contact with patients Manage the networks/patient populations, no matter what the payment model might be Harmonize data from multiple systems (EHR, practice management, claims)-turn it into insight which can then become action directly in an organization’s existing workflows

The Chief Revenue Officer

CROs are accountable for all revenue-related functions - marketing, sales, customer support, pricing and revenue management.

• • • • Teams up with Executives to create and convey the company’s ideas and revenue strategies across all relevant functions to ensure the right goals are defined and met Regularly analyzes productivity and effectiveness to create market positioning and competitive advantages, and determines budget trade offs to improve and develop sustainable results Recognizes the differences between marketing and sales, and creates processes to ensure their synchronization across the full revenue cycle get the best results Has a long-term, integrated perspective while striving to drive quarterly revenue results

The Chief Strategy Officer

• • • • The best way to describe the role of a CSO? There is no clearly defined role. Capable of seeing all the pieces on the board and able to see several moves into the future. (to infinity…and beyond!) Some formulate strategy, others execute strategy, others do both. Might act as “internal consultants,” or as experts because they have proficiency in particular areas (revenue cycle management, managed care-contracting, patient financial services, practice operations) Responsible for understanding how market forces are transforming and how those changes will affect the services patients will need in the future.

The Chief Strategy Officer

Revenue Cycle leaders who want to advance to CSOs will need to be able to:  Consolidate network revenue cycle and productivity data   Use analytical tools that display information clearly and accessibly Have actionable insight into patient financial services, collections, referrals, denials, DAR, etc.

  The ability to easily “slice and dice” data and share performance results Benchmark tracking and performance comparison by practice, specialty, or geography

Building Your Executive Profile

 Consider how these positions are changing, how else you might be able to align your resume with those changes?

 You’ll need years and years worth of learning experiences from various managerial and director positions. (don’t get complacent!)  Experience and demonstrable skills are the most important things that employers look for in C-Level Executives.

Market Trends

• • • Demand for ancillary healthcare companies and consultant roles have doubled over the past year Centralization of processes as consolidations and reimbursements are cut Hospital systems are developing mini regional offices

In Closing…

 Demand for health care, and thus the need for more health care workers, is expected to keep growing.

 Revenue Cycle roles are the backbone of well run organizations  Develop plans to recruit and retain the talent that will tackle the challenges your organizations are facing  Patiently growing the talent and skills of your team is critical  Industry consolidation will be a great way to upgrade the quality of your workers

HIM Professionals

Salary, Education and Certification Health Information Technology is one of the fastest growing occupations  HIM graduates with an Associate’s earn $35,000 to $45,000 annually     HIM graduates with a Bachelor’s start at $50,000 to $60,000 In 5 years, can potentially earn upwards of $65,000 to $85,000 (RHIAs) often hold managerial positions related to these functions. In a recent survey, AHIMA found more than half of RHIA respondents were directors, managers, or consultants, with almost 31 percent serving as HIM directors. (RHITs) often specialize in coding diagnoses and procedures in patient records for reimbursement and research. RHITs may serve as cancer registrars or hold a supervisory position.

Practice Settings for HIM Professionals

Traditional Settings

             Management, HIM (Medical Records) Tumor registry Coding Trauma registry (E.R.) Transcription Quality Improvement Release of Information Patient Admissions Compliance Auditor Physician Accreditation Utilization Review Physician offices Risk Management         

Non-Traditional Settings

Consulting firms Government agencies Law firms Insurance companies Correctional facilities Extended care facilities Pharmaceutical Research    Statistician Clinical Trials Coordinator Data Manager Information Technology    System Analyst Project Manager Data Manager Medical Software Companies   Software Designer Software Tester

Typical Salary for HIM Professionals

Clerical Support HIM Technician Coding Professional RHIA Coding Manager RN Practice Manager Privacy Officer Compliance Officer Security Officer Consultant HIM Director IT Director Vice President 0 32 000 45 000 45 000 52 000 50 000 65 000 65 000 80 000 80 000 80 000 85 000 88 000 90 000 100 000 100 000 Milburn Partners’ data based on placements from 2012-Present 140 000 150 000